No. 3: Italy

Another high roller. Italy risk is pretty much priced in, making it a bit less riskier than Germany, according to Heckman's models. Their weighting has gone from a recommendation of 2.8% from 0.8%. iShares MSCI Italy (EWI): 3 mos: 2.1%, YTD: 5.34%, 1 yr: -3.95%, 5 yr: -64.3%, 10 yr: -15.01%.